Jefferies Microcap and Smallcap IPO Indices

The Jefferies Microcap IPO and Smallcap IPO Indices are intended to reflect the performance of U.S. stocks that are within the first year of trading post-IPO, in the following market capitalization ranges:

• Jefferies Microcap IPO Index^SM – Market capitalization of $50 million – $300 million
• Jefferies Smallcap IPO Index^SM – Market capitalization of $300 million – $2 billion

Stocks are added to the indices on the close of their first trading day and remain for a period of up to one year. The methodologies for index construction and the universe of eligible constituents are defined by Jefferies in consultation with Standard & Poor's, while the calculation and maintenance of the indices are completed by Standard & Poor's.

Jefferies Microcap IPO Index^SM

JEFIMIPP (index price) JEFIMIPT (total return)

Index Methodology (pdf)

Index Total Return Performance

Closing Price Date 09-30-08 Price 194.13

Historical Values Closing Prices Total Returns

Current Constituents and Weighting (last updated 09-30-08)

Company	Ticker	Weighting
Skilled Healthcare Group Inc	SKH	8.6%
Triple-S Management Corp	GTS	7.2%
Duff & Phelps	DUF	6.5%
IPC The Hospitalist Co Inc	IPCM	6.1%
Titan Machinery Inc	TITN	6.0%
Pharmasset Inc	VRUS	5.3%
PennantPark Investment Corp	PNNT	4.4%
DemandTec Inc	DMAN	4.2%
Ensign Group Inc/The	ENSG	4.0%
Approach Resources Inc	AREX	3.8%
Encore Bancshares Inc	EBTX	3.7%
Lumber Liquidators Inc	LL	3.5%
Genvec Inc	GNVC	3.0%
Sucampo Pharmaceuticals Inc	SCMP	2.9%
Intellon Corp	ITLN	2.6%
CAI International Inc.	CAP	2.3%
JMP Group Inc	JMP	2.1%
MAKO Surgical Corp	MAKO	2.1%
Fuqi International Inc	FUQI	2.0%
ARYx Therapeutics Inc	ARYX	1.9%
Targanta Therapeutics Corp	TARG	1.9%
Virtusa Corp.	VRTU	1.8%
Pzena Investment Management Inc	PZN	1.7%
Virtual Radiologic Corp	VRAD	1.6%
ArcSight Inc	ARST	1.5%
View all constituents

Sector Composition (last updated 09-30-08)

Health Care - 49.1%    Industrials - 16.6%    Information Technology - 12.4%    Financials - 11.9%    Consumer Discretionary - 5.4%    Energy - 4.5%

Sector Composition follows the Global Industry Classification System (GICS).

The Jefferies Microcap IPO IndexSM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

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Jefferies Smallcap IPO Index^SM

JEFISIPP (index price) JEFISIPT (total return)

Index Methodology (pdf)

Index Total Return Performance

Closing Price Date 09-30-08 Price 217.17

Historical Values Closing Prices Total Returns

Current Constituents and Weighting (last updated 09-30-08)

Company	Ticker	Weighting
Masimo Corp	MASI	8.8%
Solera Holdings Inc	SLH	7.4%
Concho Resources Inc.	CXO	6.9%
Interactive Brokers Group Inc	IBKR	4.5%
Infinera Corp	INFN	4.4%
Och-Ziff Capital Management Group LLC	OZM	4.3%
Data Domain Inc	DDUP	3.8%
athenahealth Inc	ATHN	3.5%
Riskmetrics Group Inc	RMG	3.0%
American Public Education Inc	APEI	2.7%
Cavium Networks Inc	CAVM	2.2%
Starent Networks Corp	STAR	2.0%
MSCI Inc	MXB	2.0%
Mercadolibre Inc	MELI	1.9%
Polypore International Inc	PPO	1.8%
EnergySolutions Inc	ES	1.7%
Neutral Tandem Inc	TNDM	1.6%
comScore Inc.	SCOR	1.6%
Insulet Corp	PODD	1.6%
Genoptix Inc	GXDX	1.5%
Clean Energy Fuels Corp	CLNE	1.5%
Ulta Salon Cosmetics & Fragrance Inc	ULTA	1.4%
SuccessFactors Inc	SFSF	1.3%
Rex Energy Corp	REXX	1.3%
NetSuite Inc	N	1.2%
View all constituents

Sector Composition (last updated 09-30-08)

Information Technology - 34.7%    Health Care - 21.8%    Financials - 16.1%    Energy - 10.8%    Consumer Discretionary - 8.1%    Industrials - 6.4%    Materials - 1.7%    Telecommunication Services - 0.4%

Sector Composition follows the Global Industry Classification System (GICS).

The Jefferies Smallcap IPO IndexSM is the exclusive property of Jefferies & Company, Inc. Jefferies & Company has contracted with Standard & Poor's to maintain and calculate the index. Jefferies & Company and S&P shall have no liability for any errors or omissions in calculating the index.

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All performance information presented above for any Jefferies Index is provided strictly for educational and illustrative purposes only. All historical data for the Jefferies Indices are estimations using sources believed to be reliable; however, none of Jefferies, Standard & Poors or any of their subsidiaries or affiliates makes any representations as to the accuracy, timeliness or completeness of any index data. The information provided is not intended for trading purposes, and should not be considered investment advice. You cannot invest directly in an index. This information, including all Jefferies Stock Indexes and materials relating thereto, is the property of Jefferies & Company ("Jefferies") and may not be used to create, offer, trade, market or promote any financial products without the express written consent of Jefferies. Jefferies and its affiliates and their respective directors, officers and employees may buy or sell securities mentioned or contemplated herein as agent or as principal for their own account and may have positions or engage in transactions based on or indexed to any Jefferies Stock Indexes. It is possible that Jefferies' trading activity will affect the value of Jefferies Stock Indices. This is not an offer or solicitation of an offer to buy or sell any security or investment. Past performance of any Jefferies Index is not necessarily indicative of future results.